a5eredvverReedChart of Accounts110 Cash111 Petty Cash120 Accounts Receivable121 Allowance for Doubtful Accounts131 Notes Receivable132 Interest Receivable141 Merchandise Inventory145 Office Supplies146 Store Supplies151 Prepaid Insurance161 Investments-Edwards Co. Stock165 Valuation Allowance for Trading Investments166 Valuation Allowance for Available-for-Sale Investments181 Land191 Store Equipment192 Accumulated Depreciation-Store Equipment193 Office Equipment194 Accumulated Depreciation-Office Equipment410 Sales611 Interest Revenue612 Dividend Revenue621 Income of Edwards Co.631 Gain on Sale of Investments641 Unrealized Gain on Trading InvestmentsEXPENSES511 Cost of Merchandise Sold512 Bad Debt Expense515 Credit Card Expense516 Cash Short and Over520 Salaries Expense531 Advertising Expense532 Delivery Expense533 Repairs Expense534 Selling Expenses535 Rent Expense536 Insurance ExpenseM Show Me HowEntries for investment in stock, receipt of dividends, and sale of shareseBookInstructionsOn February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of Edwards Co. common stock at $42 plus commission charges of $170. OnJune 1, a cash dividend of $1.85 per share was received. On November 12, 3,100 shares were sold at $49 less commission charges of $165.Journal1Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 3,100 shares. Refer to the Chart of Accounts for exactwording of account titles. When required, round your answers to the nearest dollar.234Instructions Chart of Accounts !Journal567DATEFeb. 22Jun. 1✓Income of Edwards Co.Interest RevenuePrint ItemCashCashDividend RevenueNov. 12 CashDESCRIPTIONJOURNALUnrealized Gain (Loss) on Available-for-Sale Investmentsheck My Work 1 more Check My Work uses remaining.✓POST. REF.DEBIT302,400.00170.0013,320.00151,735.00Score: 56/88CREDIT302,570.0013,320.0021,700.00ASSETSĮ↑↑ACCOUNTING EQUATION✓✓Shaded cells have feedback.LIABILITIESXEQUITY↓↓↑I↑

A journal entry is a form of accounting entry that is used to report a business transaction in a…

On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of Edwards Co. common stock at $42 plus commission charges of $170. On June 1, a cash dividend of $1.85 per share was received. On November 12, 3,100 shares were sold at $49 less commission charges of $165. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 3,100 shares. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. ournal JOURNAL Score: 56/88 Shaded cells have feedback. ACCOUNTING EQUATION

On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of Edwards Co. common stock at $42 plus commission charges of $170. On June 1, a cash dividend of $1.85 per share was received. On November 12, 3,100 shares were sold at $49 less commission charges of $165. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 3,100 shares. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. ournal JOURNAL Score: 56/88 Shaded cells have feedback. ACCOUNTING EQUATION

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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